Auto mechanic’s valuable error Chinese note draws attention years after discovery

The 100-yuan note was pegged at a value of 1.5 million yuan by one auction house
By , Special to Coin World
Published : 06/12/15
Text Size

While U.S. paper money error collectors pay serious attention the few times an error sells for as much as $50,000, Chinese media was running rampant early in June with a story about an error note appraised for nearly five times that. 

Numerous reports tell of a 36-year-old auto mechanic in Chongqing named Zheng who has had the note in his pocket for years. Zheng reportedly received the 100-yuan ($16) note printed in 1999 as part of his wages. When he noticed that below and to the right of the mole on Chairman Mao Zedong’s chin was a scar-like line, he decided to keep it. 

When Zheng heard that someone nearby had a note with a similar error and it was worth 1 million yuan ($161,340), he posted pictures of his bill online and the offers are said to have started flowing in. One auction house estimated that the bank note was worth up to 1.5 million yuan ($240,000), although another one pointed out that because the bill was relatively new it might not bring that much. 

At press time, the note, which appears to be in remarkable condition considering it has resided in a pocket for years and Chongqing has a humid subtropical summer climate, remained with its owner. He said he wants to wait for the best offer.

Keep reading about paper money:

Bank of Kuwait’s new notes awarded IACA’s Best New Banknote Series for 2014

Bank of Scotland joins parade to issue polymer notes; special note planned

More from CoinWorld.com:

2015 Special Silver Set ‘Currently Unavailable from the United States Mint

Donald G. Patrick Collection auctions postponed at consignor’s request

Collector discovers new variety for 1896 Indian Head cents

How one group is putting $100,000 in dollar and half dollar coins in circulation

United States Mint announces sellouts of four 2014 Presidential $1 Coin and Medal Sets

Keep up with all of CoinWorld.com's news and insights by  signing up for our free eNewsletters liking us on Facebook , and  following us on Twitter . We're also on  Instagram !

You are signed in as:null

Please sign in or join to share your thoughts on this story

No comments yet